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Three Essays on the Evaluation and Consequence of Corporate Wrongdoing
Firms are exposed to intentional and unintentional wrongdoing events. While some wrongdoing events violate legal standards (such as bribing government agencies), some firm wrongdoing acts operate outside the legal frameworks (such as a minor unintentional oil spill). Yet, all forms of firm wrongdoing expose associated firms to severe consequences. Stakeholder evaluations, particularly media and investor evaluations, may play a key role in determining these consequences. Specifically, the media and investors may influence the consequences of firm wrongdoing for several reasons. First, through their evaluations, the media may determine parties to hold responsible for firm wrongdoing. Second, through their evaluations, the media may also assign more importance to some wrongdoing events over others. Finally, investors’ evaluations of firm wrongdoing may influence firm outcomes as it may influence their beliefs in the firm’s ability to achieve favorable results and consequently, their investment decisions. I contribute to the literature on firm wrongdoing and stakeholder evaluations of firm wrongdoing by conducting three studies that consider the stakeholder evaluations of firm wrongdoing at different levels of analysis: leadership level, firm level, and institutional level. In the first study, I consider how firm CEO gender may influence the media’s attribution of responsibility for firm wrongdoing. In the second study, I consider how media’s political values may influence their evaluations of firm wrongdoing. In the final study, I consider how stakeholders may associate industry peers’ wrongdoing with a focal firm and how such association may lead to negative firm outcomes in the form of greater IPO underpricing.
Mbaraonye, Izuchukwu, "Three Essays on the Evaluation and Consequence of Corporate Wrongdoing" (2023). ETD collection for University of Nebraska - Lincoln. AAI30521776.